A good idea can take you only so far in business, but true determination to stop at nothing to achieve your goals can carry you through to the finish line.
You may have hundreds – if not thousands – of competitors in your field. Many of them will sell similar products. Yet, one business may be raking in huge monthly revenue, while the other can barely get off the ground.
So, what separates these two businesses?
More often than not, it’s the difference in mindset of the entrepreneurs behind the ventures. The successful businessperson boasts a heightened business mindset that leads to higher revenue. The unsuccessful one may know a thing or two about business, but only does the bare minimum.
Below is a chart that displays the key differences in the mindsets of a successful and unsuccessful entrepreneur. Adopt the mindset philosophies of the successful entrepreneur and you’ll happily discover that your profits increase as well!
The Unsuccessful Entrepreneur
- Believes that good enough really is good enough and that a dollar in revenue is better than no revenue at all
- Feels embarrassed to show pride in the business and often downplays the complexity of it
- Employs marketing tactics only when business is slow. The unsuccessful entrepreneur is all about cutting corners, and when business is booming, marketing expenses seem unnecessary
- Allows personal low self-esteem to affect leadership. Without effective leadership marketing, networking, public perception, and revenue take a hit
- Customer service is an afterthought. The unsuccessful entrepreneur takes personal offense to most customer complaints
- Is a problem solver only when it comes to menial issues, but cracks under pressure when the hard times come knocking
- Ignores intuition and runs to all the wrong people for advice before taking action
- Takes advantage of the slow times to goof off rather than focusing on the business
- May thrive under pressure, but it’s fear that keeps the wheels turning rather than optimism. Fear can cause panicky, unwise decisions.
- Lets good ideas lie dormant until the business is bringing in more money
The Successful Entrepreneur
- Always reaches higher and focuses on the up-sell. The successful entrepreneur knows how to turn $5 into $20
- Has an elevator speech prepared and will recite it to anyone who’s willing to listen
- Values the power of marketing and employs proven marketing tactics. The successful entrepreneur markets whether business is booming or in a lull
- Strives to do his/her best and deals with any fears for the greater good of his business
- Believes that customer service is just as important as promotion and providing quality products
- Is a problem solver
- Allocates funds appropriately, running a tight ship in order to keep revenue up and overhead down
- Values intuition over the advice of another and truly understands what’s best for the business
- Keeps moving to make improvements even when things are slow
- Thrives under pressure and remains and attentive always attentive and alert to potential problems, handling confrontation with class
- Implements sound ideas into existing business plans in order to increase revenue, customer service, and promotion.